How to Buy Cryptocurrency in Venezuela

Buying cryptocurrency in Venezuela

Buying cryptocurrency in VenezuelaAccording to CoinDesk’s research analysis of data gathered from Paxful and LocalBitcoins, no country’s economy dealing with hyperinflation has come close to Venezuela in terms of GDP-adjusted activity on peer-to-peer cryptocurrency exchanges. What sets Venezuela apart from other countries facing hyperinflation is the crypto-friendly initiatives of Venezuela’s government. In the middle of the government’s platform bans and the general unease of Venezuelans regarding foreign cryptocurrency coverage, peer-to-peer transactions remained the focus of Venezuela’s cryptocurrency scene. Mostly used for peer-to-peer exchanges, LocalBitcoins became a very popular exchange early on since it was an inexpensive option, but it was also the first thing that was available to Venezuelans the moment there was talk of government regulation of cryptocurrencies in 2017. However, Venezuela’s peer-to-peer Bitcoin trading activities might not have been possible without governmental support. The Venezuelan petro (national cryptocurrency) may have also helped alleviate the populations’ fears of using services like LocalBitcoins.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Venezuela. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros
  • Good range of coins
  • DEX trading
  • No hacking history
Cons
  • Not available in US
  • KYC required
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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